GameStop plans to launch NFT marketplace by the end of July 2022
As per the fiscal fourth-quarter earnings report of retail video game store chain GameStop (GME), it is intending to bring a non-fungible token (NFT) marketplace by the end of July.
GameStop aims at NFT marketplace
One of the original meme stocks, GameStop said that it would team up with layer 2 system Immutable X as a part of its plans on launching the NFT marketplace. In its earnings report, the partnership aims to “support the development of GameStop’s NFT marketplace and provide the Company with up to $150 million in IMX tokens upon achievement of certain milestones.”While laying out its earnings, it revealed that a total of $2.254 billion in net sales has been generated in the fourth quarter of 2021, compared with $2.122 billion in the fourth quarter of 2020, and $2.194 billion in the fourth quarter of 2019.
GameStop also noted that it had hired dozens of people in Q4 with expertise in advanced technologies like blockchain gaming.
GameStop said that it sees huge long-term potential in the NFT market. Through its partnership with Immutable X, it is expecting its NFT marketplace to include “billions of low-cost, in-game assets that can easily be bought and sold,” particularly stressing digital real estate and in-game skins.
NFT Marketplaces flooding
Seeing the potential of NFT, many big names have jumped into the space with the announcements of their own NFT marketplaces. The NFT marketplace announcement by crypto exchange giant Coinbase has already brought many eyes to the industry. Interestingly, the exchange received more than a million within a single day following the announcement last year.One of the biggest crypto financial service providers, Blockchain.com, has also decided to jump on the company and is set to launch its own NFT platform. It has done so by establishing a waiting list, which will allow users to buy, sell, and non-fungible store tokens.
SoftBank Group Corp.’s Z Holdings Corp. has also announced its plans to launch its NFT world along with increasing its global presence by aggressive investments.
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